SFOX, a US institutional digital asset solution offering scalable trading, storage, and global payment solutions, has released SFOX Atlas, a cloud-based digital asset platform giving financial institutions such as banks and payment companies access to single-source, reliable fiat currency and crypto currency services for all their customers at scale.
The move follows the publication of a letter from the US banking supervisory body, the Office of the Comptroller of the Currency (OCC), on 22 July clarifying US national banks’ and federal savings associations’ authority to provide cryptocurrency custody services for customers.
The OCC has already specifically recognised the importance of digital assets and the authority for banks to provide safekeeping for such assets since 1998. In its letter, the OCC concluded that providing cryptocurrency custody services, including holding unique cryptographic keys associated with cryptocurrency, is a modern form of traditional bank activities related to custody services. Crypto custody services may extend beyond passively holding “keys.” Acting Comptroller of the Currency Brian P. Brooks, said: “This opinion clarifies that banks can continue satisfying their customers’ needs for safeguarding their most valuable assets, which today for tens of millions of Americans includes cryptocurrency.”
SFOX Atlas may be used to provide crypto wallet and custody services for clients, tapping into global crypto markets to facilitate electronic trading and borderless payment processing in a frictionless, highly secure, compliant environment. SFOX’s services feature 99.99% uptime, transactions that execute in 5 milliseconds, and full state- and federal-level compliance. They have facilitated over $12 billion in transactions since 2014.
“The OCC made history by making digital dollars a reality last week, but that’s only the first step to giving banks access to the crypto ecosystem,” said Akbar Thobhani, CEO of SFOX. “SFOX is bridging the rest of the gap with the most secure, reliable, and compliant crypto banking solution in the sector: with SFOX Atlas, banks can now deploy a single, cloud-based solution encompassing digital asset wallets & custody, merchant and interbank crypto payment processing, scalable on-chain transactions, real-time, single-stream global data feeds, and full-team user management—all courtesy of a team with half a decade of experience working with banks, funds, and crypto providers. We know what banks want, and we’re giving it to them.”